Objective
This chapter examines the characteristics of insurance contracts. It defines the
notion of insurable risks and insurable interest. Insurable risks are the raw
materials for the existence of insurance contracts.
An insurance policy is a legal contract between the insurer and the insured.
Although the direct advantages and related costs arising out of the existence of
insurance contracts are obvious to most readers, there are other benefits and
indirect costs generated by the existence of these contracts.
Definition of an Insurance Contract
A legal definition of insurance that appears in many insurance laws is the
following: A contract of insurance is that whereby one party, the insurer,
undertakes, for a premium or an assessment, to make a payment to another party,
the policyholder or a third party, if an event that is the object of a risk occurs. It
is often defined as a contract of indemnity. The insured is not to make any profit
out of the insurance but should only be compensated to the extent of the pecuniary
loss.
Although various definitions have been offered, one of the most helpful is to
define insurance as a mechanism (or a service) for the transfer to someone called
the insurer of certain risks of financial loss in exchange of the payment of an
agreed fixed amount. The payment is due before the contingent claim is serviced
by the insurer.
If from the insured's point of view, insurance is a "transfer," from the insurer's
point of view, insurance as a "pooling" mechanism. It is possible for the insurer
to reduce the risk which he faces by offering an "insurance service," by pooling
together a large number of exposure units or risks.
at multiple levels and an array of support services to ensure that students with different language proficiencies succeed. A Supportive Learning Environment. Community colleges offer small class sizes, averaging fewer than 30 students, allowing personal attention and ongoing support from professors. The focus is on individual student success within an environment designed to support students’ learning patterns and needs. Support services for students include tutoring, advising, writing labs, international student clubs, and international student service centers. Diversity. U.S. community college students come from diverse cultural heritages and ethnicities. The colleges offer a wide spectrum of clubs and activities that celebrate and support the diversity that describes society in the United States. Access to U.S. Culture. Because they are reflective of and responsive to their communities, community colleges tend to have strong local ties. This relationship provides international students with extensive opportunities to interact with Americans and to experience American culture. Variety of Locations and Campus Sizes. Community colleges, like other educational institutions in the United States, differ widely. Some are large, multicampus institutions located in big cities, while others are much smaller schools located in rural settings and serving small student populations. There is a community college conveniently located within commuting distance of 90 percent of the U.S. population. Distinguished Alumni. Alumni of U.S. community colleges include California Governor Arnold Schwarzenegger and former Maryland Governor Parris Glendening, NASA space shuttle commander Eileen Collins, Star Wars movie series producer/director George Lucas, film actors Tom Hanks and Clint Eastwood, fashion designer Calvin Klein, human genome scientist Craig Venter, and U.S. Surgeon General Richard
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